IRS’s New Crypto Tax Rules Pose A Threat To DeFi

The IRS has issued proposed regulations defining the term "broker" in relation to digital assets, including decentralized finance platforms, and outlining tax reporting requirements for cryptocurrency transactions, which could have implications for DeFi platforms and users.

forbes.com

Relevant topic timeline:

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

The US Treasury Department has proposed new tax rules for crypto exchanges, hosted wallet providers, and payment processors, requiring them to meet tax reporting obligations, while exempting miners and some decentralized finance platforms.

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.

8/25/2023

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

The U.S. Department of the Treasury and the IRS have released proposed regulations on the sale and exchange of digital assets, requiring brokers to report certain transactions and helping taxpayers determine their tax obligations.

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

The US Department of the Treasury and the IRS have proposed regulations that would require digital asset brokers to report gross proceeds and provide information on gains and losses from the sale of crypto assets starting in 2025.

9/7/2023

Global regulators seek to crack down on decentralised finance

Global securities regulators have outlined a blueprint to hold participants in decentralized finance (DeFi) accountable for their actions and protect market stability, as the sector has experienced significant shrinkage and is being used for money laundering; regulators are proposing a framework to ensure investor protection, risk management, and cross-border cooperation.

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Posted 9/6/2023, 1:00:58 PM

IRS’s New Crypto Tax Rules Pose A Threat To DeFi

forbes.com

Relevant topic timeline:

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

8/25/2023

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

9/7/2023

Global regulators seek to crack down on decentralised finance